About a year ago a draft decree “On the regulation of insolvency” was discussed at the level of the head of state. Back then the government was instructed to change the ideology of this document: to move from bankruptcy to the rehabilitation of struggling enterprises. The concept of the draft decree was also changed – a focus was made on the protection of enterprises from shocks caused by unfavorable external factors. “In this context I want to say that overcoming these shock barriers is, first of all, the task for workers and directors of these enterprises,” Aleksandr Lukashenko said.
“Besides, it is envisaged that we will move from the litigation support of all stages when dealing with cases on economic insolvency. I have given an instruction not to overload courts with non-characteristic issues because courts are already dealing with too many economic issues and disputable matters related to the economy. In the past those issues were handled by local authorities,” the head of state said. “The coordinating role in financial restructuring will be ultimately performed by the government, specialized administration bodies and executive committees.”
The president did not exclude the part of the issues shall be still considered in courts. However, courts will be the ultimate authority, Aleksandr Lukashenko added.
